Stolen Cryptocurrency: Hackers Bypass Security, Pull Around $17,000 From Katy Man’s Coinbase Exchange

KATY, Texas (KTRK) — A Katy man says he lost more than $17,000 after his cryptocurrency account was hacked in January.

Ali Raza says he tried to get help from the cryptocurrency exchange where he had most of his money. So far there has been no resolution.

“My main challenge is that I don’t know if I can get my money back,” Raza said.

Raza says her account was hacked in mid-January. The account was valued at around $17,000 at the time and the hackers left it worth $26.

“I mean, how can you authorize a password change and 336 transactions in fifteen minutes and steal it all?” Raza said.

Raza says Coinbase, the cryptocurrency exchange where he was stolen from, was unable to provide a solution and he believes they need to tighten security protocols.

“So you’re telling me you can’t put in a security setting, where you allow someone to change the password and commit some 330 transactions? That’s mind-boggling to me,” Raza said.

Since the incident, Coinbase has said that what happened to Raza is not its fault.

“They said to me, ‘This case is closed, you are responsible for it.’ I didn’t agree with that statement. I kept insisting and got no response. That’s when I decided to upload my information to the FBI website. “, explained Raza.

Raza said he had two-factor authentication, but hackers were also able to access his cellphone.

“We had security codes, but somehow (the hackers) were able to get around that and then log into my PC and delete all the notifications that were coming into my PC,” Raza explained.

He reported the hack to the FBI and filed a report with the Harris County Sheriff’s Office, but for now, it appears his investment is gone.

“I’m just confused. My two kids are about to go to college in a few years and that account was for cars, but you know, I don’t know what else we can do,” he said. Raza said.

He is passionate about making sure this doesn’t happen to anyone else.

“We should do something about these exchanges that don’t really care. I mean they’re making a lot of money off of us,” Raza said.

When ABC13 contacted Coinbaise, the company said it was reviewing Raza’s situation.

The Harris County Sheriff’s Office said its investigation into what happened is ongoing and is being reviewed by its Financial Crimes Division.

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